Two of Tata Steel’s Dutch subsidiaries are facing a class action lawsuit in the Netherlands, seeking compensation of about €1.4 billion ( ₹14,810 crore) for alleged environmental and health-related damage.A Dutch non-profit organisation, Stichting Frisse Wind.nu (SFW), initiated the legal proceedings against Tata Steel Nederland B.V. and Tata Steel IJmuiden B.V, Tata Steel said in a filing with the stock exchanges late Thursday.SFW claims to represent residents living near Tata Steel’s IJmuiden plant in Velsen-Noord. It alleges that emissions from the steelmaker’s operations, including hazardous and harmful substances, have negatively impacted public health and the quality of life in the surrounding areas.SFW is seeking compensation for “increased susceptibility to health issues among residents, as well as loss in the enjoyment and value of homes in the region.” It contends that average home prices in the area lag behind those in comparable regions and attributes this to the steel plant’s operations.Responding to the allegations, Tata Steel said SFW’s claims lack merit and that its Dutch subsidiary “has strong arguments to defend against the claims and will vehemently defend itself against these claims.” The company added that SFW has not provided any supporting evidence and described the compensation demand as speculative and without basis.Also Read | Tata Steel board greenlights domestic expansion, moves to secure iron oreTata Steel’s stock closed 0.50% lower, while the benchmark index Sensex closed 0.43% lower on Friday.“1.4 billion euros is material. However, Tata Steel has stated it will study the claim and assess its potential implications. The company will defend its position legally, and explore how the case evolves,” said Aditya Welekar, a senior research analyst at Axis Securities. “The stock has not reacted sharply, which suggests the market is not factoring in a material immediate impact. On a broader level, Tata Steel is already engaged in discussions around ESG and emissions and is investing significantly in green initiatives.”Third-party fundersAccording to the steelmaker’s filing, the proceedings will be under the Dutch Act on Collective Settlement of Mass Claims (WAMCA). The case will first go through an admissibility phase, followed by a merits phase. Each phase is expected to take two to three years to conclude. According to Tata Steel, since the case will be heard under WAMCA, the discussions on the actual compensation amount are not expected in the near term.Tata Steel highlighted that the class action is financed by third-party litigation funders. According to the disclosure, the class action is financed by Redbreast Associates N.V. and Omni Bridgeway S.A. SFW has stated that its financiers could receive either a multiple of their investment or up to 25% of any compensation awarded.The company said health and environmental protection remain key priorities. It also pointed to its Green Steel Pl in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. 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Tata Steel faces €1.4 billion class action lawsuit in the Netherlands over environmental and health damages.
